Argentina Mining's Blog I Latest news on Mining in Argentina

Este blog fue creado para publicar novedades sobre la mineria en Argentina, complementando así nuestro web y presencia en redes sociales. Como todas nuestras actividades, apunta a conectar a la comunidad minera argentina y establecer un ámbito de promoción de la actividad en el mundo, generando oportunidades de negocios.
---
This blog was created to publish news on argentinean mining, thus complementing our website and presence in social networks. As all of our activities, it intends to connect the mining community in Argentina and provide a place to promote the activity in the world, developing business opportunities.

30 oct 2010

Coro Announces Completion of San Jorge Project Public Hearing


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2010) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that the Public Hearing to consider the Company's San Jorge project Environmental Impact Study ("EIS") was held on October 26th 2010 in Uspallata, the nearest town to the project. The Public Hearing was the final step in the consultation process prior to the EIS being submitted to the Provincial Government for approval, and if approved, presented to the Provincial House of Deputies and Senate for ratification.

Alan Stephens, President and CEO of Coro, commented, "We are very pleased that the Public Hearing has been completed on schedule. It was attended by more than 2000 individuals and gave the people of Mendoza, and particularly the residents of Uspallata, the opportunity to express their views about the development of San Jorge. It was held in an atmosphere of complete calm, civility and with mutual respect given to opposing opinions.

We would like to express our sincere appreciation to the Provincial Government for the exemplary manner in which the Hearing was organized and conducted. Having now completed all of the steps required of it under the EIS approval process, the Company looks forward to the Government's decision."

Coro is fully committed to developing San Jorge in such a way that no water resources would be affected by contamination, as required by local and national laws and regulations, and by international best practices. The Company, through its subsidiary, Minera San Jorge, continues to follow a policy of complete transparency and frankness, and has stressed the economic and employment benefits of the project to Argentina, as well as a commitment to exacting industry standards in environmental management, and has invited citizen participation in the environmental monitoring of the operation. The Company has demonstrated its commitment to water conservation through the proposed use of paste tailings, which minimises water usage through recycling. It has committed to train as many local residents as possible for employment in the future operations at San Jorge.

CORO MINING CORP.

Alan Stephens, President and CEO

About San Jorge:

The San Jorge copper-gold project is located in Mendoza, Argentina. The Company completed an independent Preliminary Economic Assessment ("PEA"), in April 2008 which contemplated production of 39,500 tonnes of copper per annum and 39,000 ounces of gold per annum over a 16 year mine life. The deposit remains open to the west and at depth and using a $2.00 per pound copper and $600 per ounce gold price returned an after tax NPV of $220 million, with capital expenditures of $277 million.

Alan Stephens FIMMM, President and CEO of Coro, a geologist with more than 33 years of industry experience is the Qualified Person for Coro who has reviewed and approved the contents of this News Release. In respect of the PEA, it should be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.

About Coro Mining Corp.:

The Company was founded with the goal of building a mining company focused on medium-sized base and precious metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production. Coro's properties include the advanced San Jorge copper-gold project, in Argentina, and the Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds 9,140,353 shares (a 15.3% interest) in Valley High, which holds the Cordero property in Mexico (www.valleyhighventures.com).

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.

For more information, please contact
Coro Mining Corp.
Michael Philpot
Executive Vice-President
(604) 682 5546
investor.info@coromining.com
www.coromining.com

Rodinia Lithium Inc. Increases Land Position in Clayton Valley and Provides Diablillos Update


- COMPLETED STAKING OF AN ADDITIONAL 18,040 ACRES AT CLAYTON VALLEY

- TOTAL CLAIM PACKAGE COMPRISES ALMOST 70,000 ACRES AND COVERS THE ENTIRE GRAVITY LOW, INTERPRETED AS THE DEEPEST AND MOST PROSPECTIVE AREA OF THE BASIN

- A SECOND DRILL RIG HAS BEEN MOBILIZED TO THE SALAR DE DIABLILLOS PROJECT

- DRILL RIG MOBILIZED TO ENSURE TIMELY DELIVERY OF RESOURCE ESTIMATE

TORONTO, ONTARIO--(Marketwire - Oct. 28, 2010) - Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE:RM)(OTCQX:RDNAF), is pleased to report that it has staked an additional 451 placer claims comprising approximately 18,040 acres immediately adjacent to the southern block. These new claims were added to ensure proper coverage of the gravity low, an area interpreted to hold the greatest potential of containing a significant lithium brine resource. With these claims, Rodinia now holds the rights to acquire almost 70,000 acres within the only producing lithium brine valley in North America.

William Randall, President and CEO of Rodinia, commented "the addition of this land to our Clayton Valley project adds to its resource potential and secures the company's position within the valley. We now feel certain we have access to the deepest parts of this producing valley and are eagerly looking forward to getting back to drilling and further exploration on the project."

A Plan of Operations was submitted to the Bureau of Land Management to permit an additional 72 drill holes on the Clayton Valley property. This permit is anticipated to be received within the current year and will allow sufficient drilling to define the potential resource.

DIABLILLOS

Rodinia is also pleased to announce that a second drill has been mobilized to the Salar de Diablillos project in Salta, Argentina and is expected to commence drilling within a week. This second drill will ensure timely delivery of a lithium, potash and boron resource estimate and is anticipated to help advance the project at an accelerated pace. In addition to a second drill rig, the Company is in the process of acquiring downhole porosity measurements and performing slug tests. Both these procedures provide valuable information that will help determine the valley's lithium resource, in conjunction with drill and gravity survey results.

About Rodinia Lithium Inc.:

Rodinia Lithium Inc. is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. The Company is positioned to capitalize on the expected increase in demand for lithium carbonate that is projected to result from the anticipated paradigm shift to mass adoption and use of key lithium applications like lithium-ion batteries as well as glass ceramics, greases, pharmaceuticals etc.

Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium-brine producer in North America, and its Salar de Diablillos project in Salta, Argentina.

Please visit the Company's web site at www.rodinialithium.com or write us at info@rodinialithium.com. Follow us on Twitter: http://twitter.com/RodiniaLithium

Cautionary Notes

Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the impact of the staking of the additional claims in Clayton Valley, the ability of the Company to acquire rights to conduct further exploration on the Clayton Valley project, the timing and ability of the Company to acquire the necessary permits with respect to the Clayton Valley project, the proposed exploration plan with respect to Clayton Valley, the drill program at the Diablillos property and results of such drill program; the potential of the Diablillos property; the potential results and timetable for further exploration with respect to the Clayton Valley project and the Diablillos property, the timetable with respect to future acquisitions and exploration developments at Clayton Valley and Diablillos, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, title risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For more information, please contact
Investor Cubed Inc.
Neil Simon
+1 (647) 258-3310
or
Rodinia Lithium Inc.
Aaron Wolfe
Vice-President, Corporate Development
+1 (416) 309-2696

Barrick Reports Q3 2010 Financial and Operating Results


TORONTO, ONTARIO--(Marketwire - Oct. 28, 2010) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) -

THIRD QUARTER REPORT 2010

Based on US GAAP and expressed in US dollars

For a full explanation of results, the Financial Statements and Management Discussion & Analysis, and mine statistics please see the Company's website, www.barrick.com.

Highlights

* Reported Q3 net income was a record $837 million ($0.85 per share). Adjusted Q3 net income rose 75% to $829 million ($0.84 per share)(1) compared to $473 million ($0.54 per share) in Q3 2009. Operating cash flow also set a new Company record, rising 40% to $1.28 billion from $911 million in the prior year period, demonstrating Barrick's strong leverage to the gold price.

* Q3 gold production of 2.06 million ounces was ahead of plan at lower than expected total cash costs of $454 per ounce(1) or net cash costs of $349 per ounce(1) on strong performance from the North America region, including the new Cortez Hills mine, which continues to exceed expectations. Barrick is on track with its original operating guidance for higher gold production and lower total cash costs in 2010, with full year production expected to be 7.65-7.85 million ounces at total cash costs of about $455 per ounce or net cash costs of $350-$360 per ounce(2).

* Barrick's cash margins continue to benefit from rising gold prices and lower cash costs. Q3 cash margins increased 52% to $783 per ounce(1) from $515 per ounce in Q3 2009 and net cash margins rose 48% to $888 per ounce(1) from $600 per ounce in the prior year period.

* The Company is targeting growth in gold production to 9.0 million ounces within five years once the world class Pueblo Viejo(3) and Pascua-Lama projects come onstream, and as additional opportunities are developed around existing mine sites.

* Barrick's positive outlook on the gold price, combined with its strong balance sheet, has positioned the Company to continue to invest in its high return projects and also to return additional capital to shareholders. As a result, Barrick's Board of Directors has authorized a fourth quarter dividend of 12 cents per share, consistent with the dividend declared in the third quarter which represents a 20% increase from the previous dividend on an annualized basis(4). Barrick continues to maintain a robust financial position with the gold industry's only 'A' credit rating, a quarter-end cash balance of $4.3 billion and $1.5 billion in undrawn credit after generating record operating cash flow in excess of $3.3 billion in the first nine months.

* During the quarter, Barrick was ranked as a global leader in corporate social responsibility for the third consecutive year by the Dow Jones Sustainability Index (DJSI). Barrick is included on both the Dow Jones Sustainability World Index and North American Index for 2010.

Q3 production of 2.06 million ounces of gold was ahead of plan at lower than expected total cash costs of $454 per ounce or net cash costs of $349 per ounce, primarily due to strong performances from Cortez, Goldstrike and Veladero. The realized gold price for the quarter was $1,237 per ounce(1), $10 per ounce above the average spot price of $1,227 per ounce and 27% higher than the prior year period. Cash margins increased 52% to $783 per ounce from $515 per ounce in Q3 2009. Net cash margins increased 48% to $888 per ounce from $600 per ounce in the same prior year period.

Adjusted Q3 net income rose 75% to $829 million ($0.84 per share), reflecting higher sales and realized prices for both gold and copper, in conjunction with lower gold cash costs, compared to $473 million ($0.54 per share) in Q3 2009. Reported Q3 net income of $837 million ($0.85 per share) before net adjustments of $8 million was a Company record. Operating cash flow rose 40% to a record $1.28 billion from $911 million in the prior year period.

"Operationally we had an excellent quarter, meeting our production and cost targets. Our project pipeline continues to be advanced and the focus on value creation opportunities has surfaced new investment and growth opportunities within our existing asset base. This will support our goal of producing nine million ounces annually within the next five years," said Aaron Regent, Barrick's President and CEO. "The leverage we have to the gold price is also clear and is reflected in the 50% growth in our operating margins and in our record net income and operating cash flow."

PRODUCTION AND COSTS

Q3 production of 2.06 million ounces was ahead of plan at lower than expected total cash costs of $454 per ounce or net cash costs of $349 per ounce, primarily as a result of a strong performance from the North America region. The Company is on track to increase production in 2010 to 7.65-7.85 million ounces of gold at total cash costs of about $455 per ounce or net cash costs of $350-$360 per ounce, in line with original guidance despite higher royalties associated with the increase in gold prices(5).

The North America region delivered another quarter of results which were ahead of expectations, producing 0.93 million ounces at total cash costs of $454 per ounce in Q3.

The Cortez property continues to perform strongly, producing 0.37 million ounces at total cash costs of $277 per ounce on higher than anticipated grades and recoveries from the Cortez Hills open pit and underground. Due to mine sequencing, production from Cortez is expected to be lower in the final quarter of the year before increasing again in the first quarter of 2011. Full year production from Cortez is anticipated to be at the higher end of the original guidance range of 1.08-1.12 million ounces. Total cash costs are also expected to be within the original guidance range of $295-$315 per ounce. Cortez Hills continues to operate under the terms of the tailored injunction issued by the District Court while the Bureau of Land Management completes a Supplementary Environmental Impact Study (SEIS) on three aspects identified by the 9th Circuit Court of Appeals. The Company expects completion of the SEIS and a Record of Decision to be issued by year-end or early 2011.

The Goldstrike operation also performed ahead of expectations, producing 0.38 million ounces at total cash costs of $494 per ounce in Q3, primarily due to better than expected grades from the open pit and higher roaster throughput. Full year production for the North America region is expected to be in the range of 3.07-3.10 million ounces, which is in line with original guidance. Higher expected total cash costs of $480-$500 per ounce reflect the impact of higher gold prices on royalties and production taxes.

The South American business unit had a strong quarter, producing 0.52 million ounces at total cash costs of $263 per ounce in Q3. The Veladero mine outperformed expectations, producing 0.36 million ounces at total cash costs of $250 per ounce on higher grades from the Amable and Filo Federico pits, and is expected to produce over 1.0 million ounces in 2010. The Lagunas Norte operation contributed 0.12 million ounces at total cash costs of $204 per ounce. Based on previously disclosed changes to the mine plan, production is expected to be lower in the fourth quarter but is anticipated to increase again in early 2011. Full year production for the South America region is expected to be 2.10-2.15 million ounces compared to our revised guidance of 2.05-2.10 million ounces. Total cash costs are expected to be $240-$260 per ounce, in line with original guidance.

The Australia Pacific business unit produced 0.48 million ounces at total cash costs of $613 per ounce in Q3. Strong results from Kalgoorlie and Cowal, both ahead of plan on higher grades, partially offset lower than plan production from Porgera, which produced 0.11 million ounces at total cash costs of $676 per ounce. Full year production for the Australia Pacific region is expected to be 1.925-1.975 million ounces at total cash costs of $610-$625 per ounce, which is in line with original guidance. The Company is fully hedged on all of its Australian dollar costs for the balance of the year at an average rate of 0.81, effectively fully hedged for 2011 at an average rate of 0.77, and has substantial coverage for the following three years at rates at or below 0.75.

Attributable production from African Barrick Gold plc in Q3 was 0.12 million ounces at total cash costs of $696 per ounce(6). Barrick's share of full year production is now expected to decrease to about 0.575 million ounces at total cash costs of $620-$640 per ounce.

Q3 copper production was 84 million pounds at total cash costs of $1.12 per pound. The Company remains on track with its full year copper guidance and expects to produce about 360 million pounds at total cash costs of $1.10-$1.15 per pound.

Utilizing option collar strategies, we have put in place floor protection on approximately 80% of our expected copper production for the remainder of 2010 at an average price of $2.18 per pound and can participate in copper price upside on effectively all of our expected remaining 2010 copper production to a maximum average price of $3.76 per pound. We have currently hedged approximately 60% of our expected 2011 production through the use of collars with an average floor price of $3.00 per pound and an average ceiling price of $4.36 per pound.

Barrick's production base is underpinned by the industry's largest, fully unhedged gold reserves of 139.8 million ounces, plus measured and indicated gold resources of 61.8 million ounces and inferred gold resources of 31.6 million ounces(7).

PROJECTS UPDATE

The Pueblo Viejo project in the Dominican Republic is advancing in line with its $3.0 billion capital budget (100% basis). Initial production continues to be anticipated in the fourth quarter of 2011, although timing delays principally associated with the issuance of certain approvals related to power supply may result in first production occurring in Q1 2012. At the end of the third quarter, overall construction was nearly 40% complete, approximately 75% of the capital had been committed and engineering and procurement was about 95% complete. About 65% of the planned concrete has been poured and 45% of the steel has been erected. Two of the four autoclaves have been placed on their footings, with the final two units shipped and expected to be onsite in Q4, and 90% of the materials required for the oxygen plant have been shipped to site. Pre-stripping has been completed and ore stockpiling has commenced. Work continues toward achieving key milestones including the connection of power to the site, which is necessary to commence commissioning activities in the fourth quarter of 2011. Barrick's 60% share of annual gold production in the first full five years of operation is expected to average 625,000-675,000 ounces at total cash costs of $275-$300 per ounce(8).

At the Pascua-Lama project on the border of Chile and Argentina, detailed engineering and procurement is nearly 90% complete and the project is on track to enter production in the first quarter of 2013. The project remains in line with its pre-production capital budget of about $3.0 billion with over 40% of the capital committed. Earthworks have commenced with about 6.8 million cubic meters moved to date and major earthworks for the mill and Merrill Crowe platforms are expected to be completed in November. In Chile, the Barriales camp is substantially complete, allowing the work-force to be increased to the permitted capacity, and initial occupancy of the Los Amarillos camp in Argentina is expected in Q4 2010. Average annual gold production from Pascua-Lama is expected to be 750,000–800,000 ounces in the first full five years of operation at total cash costs of $20-$50 per ounce(9).

At the Cerro Casale project in Chile, the review of any additional permitting requirements before considering a construction decision is progressing alongside discussions with the government and meetings with local communities and indigenous groups. Detailed engineering has commenced and is about 20% complete. Pre-production capital is expected to be about $4.2 billion (100% basis)(10) and Barrick's 75% share of average annual production is anticipated to be about 750,000-825,000 ounces of gold and 170-190 million pounds of copper in the first full five years of operation at total cash costs of about $240-$260 per ounce(11).

We continue to advance the Donlin Creek project in Alaska. Further optimization studies are underway, primarily focused on the potential to utilize natural gas to reduce operating costs. These feasibility study revisions are expected to be completed in the second quarter of 2011. At the Reko Diq project in Pakistan, the initial mine development feasibility study is complete and the environmental and social impact assessment is in its final stages.

FINANCIAL POSITION

At September 30, 2010, Barrick remained in a robust financial position with the gold industry's only 'A' credit rating, a cash balance of $4.3 billion and a $1.5 billion undrawn credit facility. The Company generated about $1.3 billion in operating cash flow during the quarter and more than $3.3 billion in operating cash flow in the first nine months of 2010. As a result of the Company's positive outlook on the gold price, its strong financial position and robust operating cash flows, Barrick's Board of Directors has authorized a fourth quarter dividend of 12 cents per share payable on December 15 to shareholders of record on November 30, consistent with the dividend declared in the third quarter which represents a 20% increase from the previous dividend on an annualized basis. The Company has now moved from a semi-annual dividend to a quarterly dividend(12).

CORPORATE SOCIAL RESPONSIBILITY

During Q3, Barrick was ranked as a global leader in corporate social responsibility for the third consecutive year by the Dow Jones Sustainability Index (DJSI) and is included on both the Dow Jones Sustainability World Index and North American Index for 2010. DJSI tracks the performance of 2,500 leading companies worldwide and independently evaluates their long-term economic, environmental, and social performance using objective benchmarks.

Barrick was also recognized during the quarter as a global carbon disclosure leader in an annual survey of companies conducted by the Carbon Disclosure Project. This independent not-for-profit organization serves as the only global climate change reporting system and holds the largest database of primary corporate climate change information in the world. This builds on Barrick's long standing commitment and action in corporate social responsibility.

Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner. Barrick's shares are traded on the Toronto and New York stock exchanges.

(1) Adjusted net income, total cash costs per ounce, net cash costs per ounce, realized price, cash margins and net cash margins per ounce are non-GAAP financial measures. See pages 41-48 of Barrick's Third Quarter Report.

(2) Based on an expected realized copper price of $3.25 per pound for full year 2010.

(3) Barrick has a 60% share in the Pueblo Viejo project.

(4) Calculated based on converting previous semi-annual dividend of $0.20 per share to a quarterly equivalent.

(5) Based on an increase in the full year gold price assumption to $1,200 per ounce from $1,150 per ounce.

(6) US GAAP basis. ABG reports under an IFRS basis.

(7) Calculated as at December 31, 2009 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, Cerro Casale is classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 23-33 of Barrick's 2009 Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

(8) Based on gold price and oil price assumptions of $1,100 per ounce and $75 per barrel, respectively.

(9) Total cash costs are calculated net of silver credits assuming silver, gold, and oil prices of $16 per ounce, $1,100 per ounce, $75 per barrel, respectively, and assuming a Chilean peso f/x rate of 500:1.

(10) Based on June, 2009 prices and assuming Chilean peso f/x rate of 500:1.

(11) Based on gold price, copper price, and oil price assumptions of $1,100 per ounce, $2.75 per pound and $75 per barrel, respectively, and assuming a Chilean peso f/x exchange rate of 500:1.

(12) The declaration and payment of dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this Third Quarter Report 2010, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue", "budget", "may", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; changes in costs and estimates associated with our projects; adverse changes in our credit rating, level of indebtedness and liquidity, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

For more information, please contact
INVESTOR CONTACT:
Deni Nicoski
Vice President, Investor Relations
(416) 307-7410
dnicoski@barrick.com
or
MEDIA CONTACT:
Rod Jimenez
Vice President, Corporate Affairs
(416) 307-7427
rjimenez@barrick.com

Malbex Launches +11,000-metre Drill Program; Drill Turning at Despoblados and Soon to Begin at Del Carmen Norte


TORONTO, ONTARIO--(Marketwire - Oct. 27, 2010) - Malbex Resources Inc. (TSX VENTURE:MBG) today announced commencement of its 2010/2011 field exploration program at the Company's El Indio Gold Belt projects. The program, with a collective budget of approximately $7.3 million, will continue through the Andean summer. Two camps have been installed and diamond drilling has begun at the Despoblados project. The majority of drilling is planned for the flagship Del Carmen project, where drilling is scheduled to commence in early November.

"We're pleased to have mobilized our exploration camps and to have started our first ever drill program at Despoblados. This program will test the exploration model of epithermal mineralization underlying sedimentary rocks that were deposited during active faulting," said Dr. Peter Stewart, Vice-President Exploration. "In addition, we will resume drilling shortly at Del Carmen Norte to follow up the excellent results from last season's drilling. We have two principal goals at Del Carmen Norte: 1) to demonstrate continuity of near surface, bulk-tonnage style gold mineralization discovered in silicified rocks at the Rojo Grande target last season, and 2) to explore resistive geophysical anomalies elsewhere in the large alteration zone."

The 2010/2011 field season began in early October with mobilization of the camp to the Despoblados project and shortly thereafter, the drill equipment. Camp set-up at the Del Carmen project began in mid-October and drilling is expected to commence in early November. In addition to drilling, Malbex plans a geochemical sampling program over a low-sulphidation vein swarm at Despoblados, plus further additional geological mapping and sampling programs at Del Carmen Norte and Del Carmen Sur. Results will be released on an ongoing basis as they are received, reviewed and confirmed.

At Despoblados, Malbex has planned a 1,500 metre drill program (of 5-8 holes) to test two prospective areas. The initial holes will test a two-line controlled source audio-frequency magnetotelluric (CSAMT) resistivity anomaly that is located near the northern margin of the Western Pull-Apart Basin. The second area of drilling targets outcropping low-sulphidation epithermal veins in the southwest corner of the concession. The Western Pull-Apart Basin has never been drilled previously whereas the low-sulphidation veins were tested by only four reverse circulation holes by the previous operator. The number of holes and meters completed in each target area will be dependent on the presence or absence of encouraging geology.

The program at Del Carmen Norte will initially focus on follow-up drilling of near-surface gold mineralisation in the Rojo Grande area where the final hole of the season intercepted consistent mineralization across 142.15 metres (m) that averaged 0.88 gram per tonne (g/t) gold (Au) and 13.7 g/t silver (Ag). The hole ended in strong mineralization at 164.15 m with the final 9.15 m grading 1.94 g/t Au and 13.7 g/t Ag before being lost in a fault zone.

A second diamond drill rig will be mobilized to Del Carmen Norte later in the campaign. In addition to follow up of encouraging results from last campaign at the Naciente Quebrada Pedregosa prospect (for example, hole DDC-10-23 with four discrete intervals totalling 91 metres and averaging over 1 g/t Au), the second drill will test a number of high-priority geophysical targets identified from last season's CSAMT survey. Since the CSAMT survey clearly identified the silicified rocks at Rojo Grande, another top priority target for drilling this season is the large resistivity anomaly that appears to be continuous from beneath Rojo Grande for over 1,000 m to the southwest under the siliceous but barren steam-heated alteration zone at Cerro Amarillo (see Malbex PR dated September 23, 2010 and www.malbex.ca for details). A minimum of 10,000 metres is planned for Del Carmen Norte this season, compared with 4,710 metres drilled in the 2009-2010 campaign.

Del Carmen Project

The 147 km2 Del Carmen concession package is located near the southern end of the El Indio Gold Belt, and hosts the Del Carmen Norte and Del Carmen Sur hydrothermal alteration systems. Del Carmen Norte is a large high sulphidation epithermal gold-silver system that covers approximately 9 km2. The initial interpretation of the geology at Del Carmen Norte is of a generally sub-horizontal volcanic stratigraphy where lithologies favourable for silicification and mineralisation are sandwiched between less favourable volcanic layers, and cut by steep faults that strongly influenced hydrothermal fluid flow.

In addition to the 4,710 m (32 hole) diamond drilling program, mapping and rock chip sampling, 128 km of ground magnetometer and 14.1 km of CSAMT surveys were completed at Del Carmen Norte in the 2009/2010 field campaign. CSAMT surveying is employed to identify zones of enhanced resistivity due to hydrothermal silicification within high sulphidation epithermal systems and to aid in identifying buried drilling targets.

Despoblados Project

Despoblados is a low-sulphidation epithermal gold-silver target with similarities in geological setting to 13.7 million ounce Fruta del Norte deposit of Kinross Gold in Ecuador:

*Sequences of poorly sorted epiclastic rocks (sandstone and conglomerate) associated with major regional strike-slip faults (at Despoblados, in the Pascua-Lama/Veladero structural corridor);
*the epiclastic rocks are interpreted to represent pull-apart basin sequences that were deposited due to extension during fault motion in the regional structure and that include beds of siliceous sinter, evidence for surficial hot springs during the deposition of the epiclastic sequence and
*hence are suggestive of a buried epithermal target.

Two discrete areas of pull-apart basin sequences within the Pascua-Lama/Veladero structural corridor at Despoblados each contain sinter. During the 2009/2010 field season, Malbex completed a program of detailed mapping and ground geophysical surveys (magnetometer and CSAMT) to identify zones of enhanced resistivity indicative of silicification and possible epithermal quartz veining beneath the basin cover. Exploration by previous operators focused on the large visibly altered rhyolite intrusive south of the structure and, as a result, neither of the pull-apart basins have been drill tested to date.

Peter Stewart, PhD, Vice-President Exploration of Malbex Resources Inc., is the Qualified Person as defined by NI 43-101 and has reviewed and is responsible for the technical information presented in this news release.

About Malbex

Malbex Resources Inc. is a gold exploration company led by experienced management and directors. Malbex holds an indirect 100% interest in three exploration projects in Argentina's El Indio Gold Belt, which hosts over 40 million ounces of gold in past production and current reserves. Two of the projects are in close proximity to Barrick's Veladero and Pascua-Lama gold deposits. For more information, please visit www.malbex.ca.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's annual information form under the heading "Risk Factors". There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact
Malbex Resources Inc.
Tim Warman
President and Chief Executive Officer
(416) 628-0215
or
Malbex Resources Inc.
Marla Gale
VP Investor Relations
(416) 628-0215
ir@malbex.ca


Troy Resources NL: Quarterly Report for the Three Months Ended 30 September 2010



PERTH, WESTERN AUSTRALIA--(Marketwire - Oct. 27, 2010) - Troy Resources NL (TSX:TRY)(ASX:TRY) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

SEPTEMBER QUARTER HIGHLIGHTS

KEY POINTS

*Commenced ore processing at Casposo
*Continued strong improvement at Andorinhas
*Sandstone treated last ore and moved to care and maintenance
*14,784oz Au produced at US$567/oz compared to 12,644oz at US$820/oz in the previous quarter
*Aggressive A$7m exploration program commencing at Casposo and Castaño Nuevo, Argentina

OPERATIONS

Argentina, Casposo

* Commenced processing ore
* Expected to pour first gold early November
* The project remains on budget
* Mined ore stockpiles of 52,372t at 10.78g/t Au_eq

Brazil, Andorinhas

* 25% increase in gold production to 9,799oz
* 28% decrease in unit cash costs to US$470/oz
* Ore grades increasing with depth as forecast

Australia, Sandstone

* 2% increase in gold production to 4,945oz
* 21% decrease in unit cash costs to A$846/oz
* Treated last ore and moved to care and maintenance
* Ongoing exposure to nickel exploration JV with Western Areas

EXPLORATION

Argentina, Casposo and Castaño Nuevo

* Focus to date has been on surface mapping, sampling and shallow RC drilling
* Diamond drilling and geophysical surveys commencing in the December quarter

Brazil, Andorinhas

* Ongoing near surface exploration to identify additional open cut reserves
* Will commence diamond drilling this financial year from underground to determine if the main Melechete structure extends past current reserves

CORPORATE

* Intensified marketing efforts in Australia and UK, Europe and North America
* Continue to review M&A opportunities.

COMMENTARY

Commenting on the quarter, Troy CEO Paul Benson said, "It was another significant quarter for the Company with the highlight being Casposo treating first ore at the end of September. There were a couple of startup issues with the power transformer and gearbox for the mill which impacted commissioning on and off for about two weeks. These have now been resolved and all tanks are now full of ore but the delays will mean the first gold pour will probably occur in early November.

"We have an impressive stockpile of over 50,000t at more than 10 g/t Au_eq so when the plant does get up to speed we expect to be able to catch up any lost ground.

"The progress at Andorinhas has also been particularly pleasing with a 25% increase in gold production and a 28% decrease in unit cash costs. When you consider this was on the back of a 17% increase in production and a 15% decrease in cash costs in the previous quarter, this is an excellent trend.

"We expect performance to continue to improve as we get deeper as the grades are forecast to improve and the ore body widen with depth. In addition to the improving ore geometry, the team on site has modified mining methods and made significant progress in reducing ore dilution.

"Sandstone treated its last ore in September and has moved to care and maintenance. The mine has been a great asset for the Company producing over 500,000oz of gold over its life which allowed Troy to expand overseas while continuing to pay dividends to shareholders. Sandstone is now on care and maintenance, however the Company still benefits from its exposure to an ongoing nickel exploration joint venture with Western Areas on the site.

"On the exploration front, the quarter was relatively quiet. Overall, our strategy has been to focus on mapping and surface sampling at Casposo and Castaño until we commenced commissioning of the plant. We are now embarking on an aggressive $7m exploration program that includes diamond drilling of known targets, and geophysical surveys to help identify deeper, covered targets.

"Finally, as mentioned in our release of September 29, we expect to pay a dividend, with a final decision to be made in this regard following the successful commissioning of Casposo."

OPERATIONS

CASPOSO, ARGENTINA








Occupation, Health and Safety

There were no lost time injuries recorded during the quarter. The Safety Department was strengthened with the appointment of an additional technician/engineer, and the introduction of a new set of safety procedures and induction program. The First Aid facility continues to operate 24 hours per day under the control of the Superintendent of the local hospital in Calingasta.

Environment

The Environmental Department has been reorganised by the appointment of a specialist environmental technician plus a junior technician to take charge of both mine and regional monitoring and procedures. There were no environmental issues raised by the Government inspectors during the quarter, as Troy continues to comply with all applicable regulations.

Mining

Mining moved from pre-strip to production mining and at the end of the quarter 52,372t, at an equivalent gold grade of 10.78g/t Au_eq, was stockpiled at the crusher. All ore mined was from the Kamila Deposit, with most ore from the Aztec Vein system. The mining department was strengthened by the addition of an additional grade control geologist.

Construction

By the end of September 2010, construction activities in the crushing, milling and leaching areas were completed. The crusher was commissioned and had crushed an estimated 8,000t of ore. The milling circuit was brought to a manual operating status and the first ore was fed into the system at the end of September. The bore field system with automated control was brought on line with water delivery on demand.

All service buildings were completed and all essential equipment had arrived on site, with the exception of the processing plant's automated control system and some chemicals. The site laboratory was completed, staffed and commissioned.

As noted in the June quarterly report a delay in construction of the Government's 500kV power line required Troy to acquire and rent additional diesel power generators. At the end of the quarter the power station was functioning well and is configured with 100% back-up capacity.

The tailings dam construction was completed with the first cell clay-lined and fitted with a geo-membrane.

Administration

Contract negotiations for refining and sale of product were close to completion, and fuel, power and lime supply contracts were signed. Site administration was functioning well at the end of the quarter and the construction camp was fully utilised. It is expected that camp occupancy will be reduced to low levels at the end of October as the project transitions from the commissioning to operating phase.

Permitting

By the end of September, the permitting process was on track for final approval by the Secretary for Mines in San Juan. All lower level permits and certifications have been completed.

Community

Community work through our social office in Calingasta is ongoing, and provides the contact point for all parties interested in obtaining information on the operation.

The Company arranged a series of public meetings and site visits to the project by interested local residents which proved very successful. Separate meetings were held with local business operators to advice businesses of potential service opportunities. Importantly over 90% of the permanent workforce comes from the local town of Calingasta.

All senior staff and plant operating personnel have been appointed, with specialist technicians from Australia and Brazil being used in commissioning roles. Training for staff and labour is ongoing.

ANDORINHAS, BRAZIL








Occupation, Health and Safety

A total of 197,523 personnel hours were worked during the quarter with no lost time injuries.

Environment

There were no environmental incidents during the quarter.

Production Results and Summary

The Andorinhas plant treated 41,289t of underground Mamão ore for July and September. In August the plant treated 20,131t of low grade Lagoa Seca stockpiled ore. In total, some 61,421t of ore was treated, 2.8% more than in the previous quarter.

Grade of mill feed at 5.3g/t gold was 19.6% higher than the preceding quarter. The grade improvement is due to both an increase in the insitu grade and also a reduction in ore dilution. Changes to the ground support regime in the Melechete stopes and the mining method used in the M2 stopes not only helped reduce dilution but also increased productivity and significantly improved safety performance.

Metallurgical recovery averaged 93.1% which is 2.4% higher than the previous quarter. The increased throughput, recovery and grade resulted in a 25.5% increase in gold production to 9,799oz.

With the significant increase in gold production there was a corresponding 28% reduction in the unit cash cost compared to the June quarter (US$470/oz vs US$665/oz).

Permitting

With the signed LI (Installation License) in place Andorinhas applied for the LO (Operation License) at SEMA, Belém.

Community

The Company continues to work with and support the local communities of Rio Maria and Floresta do Aragua.

SANDSTONE, AUSTRALIA









Occupation, Health and Safety

There was one lost time injury recorded during the quarter.

Environment

The rehabilitation of the old tailings dams TSF1 and TSF2 was completed with the dams now capped, top-soiled, ripped and seeded. A meeting was held with the environmental division of the Department of Mines ("DMP"), to discuss the closure plan for Sandstone.

A fencing contractor was selected and materials are currently being ordered to enclose the waste dumps to prevent the destruction of the rehabilitated areas by feral goats.

Mining

Mining of the Eureka pit was completed on 16 August, 2010. A total of 67,977bcms of material was mined from this pit during the quarter, including 22,544t of ore at a grade of 2.25g/t gold. The mining contractor, Hampton Transport, is currently demobilising its fleet, removing all infrastructure and rehabilitating hardstand areas.

Processing

96,992t of ore at a grade of 1.72g/t gold was milled during the quarter yielding 4,984oz of fine gold.

Milling recoveries and the purity of the gold bars increased from the last quarter. The mill recovery averaged 92.9% for the quarter.

General

The majority of the mining workforce and milling & maintenance crew were made redundant on 20 August, 2010 and 17 September, 2010 respectively. A small workforce was retained to prepare the plant for a care and maintenance regime. It is anticipated that the Sandstone operations will be put on care and maintenance in late October 2010.

Outlook

The Company will keep the site on care and maintenance for the remainder of the financial year while Western Areas Ltd (WSA) completes Stage One of the nickel exploration joint venture.

A decision on the future of the property will be made during the 2012 financial year.

EXPLORATION

ARGENTINA, CASPOSO (Troy 100% through Troy Argentina Ltd)

Troy's exploration strategy at Casposo and Castaño Nuevo has been to focus on mapping and surface sampling until completion of the plant construction. Limited shallow drilling utilising a Reverse Circulation (RC) drill rig was completed with diamond drilling planned to commence in the December quarter.

This strategy has ensured a better understanding of the drill targets and minimised expenditure while the project is in the construction phase and consuming cash.

The Company is committed to an aggressive exploration program to test the potential of the leases, with an initial budget of $7m for the first phase of exploration.

The first diamond drill rig commenced at Castaño Nuevo in early October and a second diamond rig will shortly commence at Casposo, supported by the Company's RC rig.

Induced Polarization "IP" and ground magnetic geophysical surveys are underway to better define the structural controls of mineralisation and to identify targets at depth.

Initial RC drilling has focused on near surface veins. While the drilling has generally returned anomalous gold assays; vein composition, textures and mineralogy indicate we are near the top of the epithermal system, and higher grades, if present, are likely to be found at greater depths.

Figure 1 shows detailed geological mapping and sampling in the Casposo Norte area. Recent work has identified a new sub-parallel northeast-southwest striking vein east of the main Casposo Norte Vein. The new vein is up to 1.0m wide, strikes north–south and dips at -40º to the west. The vein is hosted in andesite and consists mainly of calcite (85%) with minor silica along the vein margins. Assay results (see Tables 1 & 2) from this recent work in the Casposo Norte area include:

* TRCAN-10-56: 0.90m at 3.12 g/t Au_eq
* TRCAN-10-76: 0.30m at 3.90 g/t Au_eq

The Aurora Vein is located west-southwest of the Casposo Norte Main Vein, strikes north to south and is exposed over a strike length of 380m. The maximum surface vein width is 1.80m and the vein dips at about -50º to the west. Vein composition is predominantly calcite (80%) with silica dominant sections.

The best assay values include (see Table 2):

* TRCAN-10-38: 1.80m at 3.67 g/t Au_eq
* TRCAN-10-39: 1.60m at 3.78 g/t Au_eq
* TRCAN-10-46: 0.90m at 9.72 g/t Au_eq

Another calcite dominant vein system known as Aurora North was mapped 580m north of the Aurora Vein. This vein has variable strikes that include; north–south, northwest–southeast and east–west. The veins are hosted within a rhyolite-rhyodacite sequence. Calcite dominant vein stockworks were noted along the vein margins. The main veins strike north–south, and dips at -55° to the west with widths up to 1.4m. Weakly anomalous gold values from channel samples were detected with an average reported assay grade of 0.50m at 1.21 Au_eq.

Along the Mercado NW Trend, assay results from the reverse circulation chips and rock chip sampling of the surface outcrops yielded slightly anomalous gold values (see Table 3) with a peak value of 2m grading 3.02g/t Au_eq.

The vein mineralogy and textures indicate we are high in the system and selected deeper diamond drilling will be considered possibly following an Induced Polarization geophysical survey.

At the Cerro Norte Target, four "preliminary" shallow RC holes were drilled and each hole intercepted a vein zone.

The best value reported included (see Table 4):

* South Vein RC-10-42; 4.0m at 4.10g/t gold and 25.25g/t silver from 87m.

These veins and veinlets are hosted in the andesitic and rhyolitic rocks and dip steeply to the north–northwest.

Quantec Geoscience Argentina S.A. commenced work on a geophysical program that will include ground magnetics, and Induced Polarization "IP" (Gradient Array and Pole-Dipole Sectional surveys). The program will include Ground Magnetics over the main northwest–southeast Structural corridor between the Mercado Northwest Prospect and the Julieta Target 4km along strike in an area of shallow, younger volcanic cover.

An Infill IP Pole-Dipole over the SE Extension Zone is an attempt to better define existing IP anomalies under debris flow "gravel cover" within the main structural corridor south-east of the Kamila Pit. Additional IP work is planned for the Casposo Norte Target to better define extensions of the 400m long outcropping zone under shallow cover along strike to the east and west.

ARGENTINA, CASTAÑO NUEVO (Troy earning 100%)

About 3km of new roads and drill pads were constructed and completed prior to Diamond Core drilling commencing in late September. The first hole was collared to test the Dios Protege Vein, the easternmost of the outcropping veins at Castaño Nuevo that outcrops for more than 350m.

Detailed mapping and sampling of the three main veins was completed in August and the focus shifted to earthworks for drill access and drill hole planning. Channel sampling was completed at 25m intervals over 1.5km long San Agustin Vein. Results from rock chip channel sampling produced anomalous gold and silver values over the entire strike length with the best values as follows (see Table 5):

* TRC-16: 0.95m at 4.49g/t Au_eq
* TRC-05: 9.30m at 3.26g/t Au_eq

During August mapping and reconnaissance of old underground workings mapping was conducted over the Dios Protege and San Pedro Veins. A series of rock chip channels were collected along strike of the veins. A 3D model of the old working was compiled to assist in drill program design. The Dios Protege Vein strikes north–northeast to south-southwest and dips at -80° to the west. The vein is characterized by strong banded colloform texture with amethyst/adularia and crystalline quartz (see Table 6). Results from 12 rock chip channels collected include:

* TRC-10-17: 3.6m at 3.94 g/t Au_eq,
* TRC-10-22: 1.1m at 4.94 g/t Au_eq

Underground sampling was completed along the San Pedro Vein at 5m intervals. Assay results from 12 rock chip channels collected from over 54m along the strike of the vein and 50m in vertical depth, included three levels (RL 1810, RL 1785, RL 1760) of old workings.

The veins mapped were banded textures with adularia. Best values obtained included (see Table 6):

* TRC-10-28: 0.6m at 8.15 g/t Au_eq
* TRC-10-29: 0.6m at 12.94 g/t Au_eq
* TRC-10-37: 0.6m at 14.50 g/t Au_eq

BRAZIL, ANDORINHAS (Troy 100% through Reinarda Mineração Ltda)

At Andorinhas the exploration group focused on the review of drilling carried out at Mamão - Babaçu Corridor targets including Coruja NE, Piaui, Luiza, Jaboti, CV5 and Furo 8 Targets as possible shallow resource drill targets. RC drilling commenced in September.

Four additional RC drill holes (285m) were drilled at Coruja NE, (BBC263 to BBC266) with the aim to define the mineralisation to drive the pit deeper and potentially add gold resources. A further three RC holes (153m) (BBC270 to BBC272) targeted the high-grade western pod. These holes successfully intersected the lode and returned encouraging results of 4m at 10.83g/t gold from 73m in the deep hole; and 2m at 30.40g/t gold from 12m in the westernmost shallow hole (see Table 7).

Further east the 2007 RAB drilling under the Piaui Garimpeiro Pit was reassessed. This earlier drilling identified two sub parallel lodes with an east–west strike of about 75m dipping to north. An RC drill program (8 holes) started late in September

Seven new targets were generated by the UWA CET and UNB studies in the West Rio Maria area with geological mapping and rock grab sampling underway at the Rezende Pit area located at 5km south-west of the Manuel Pit. This garimpo is 100m long with an east-west trend and is located on the edge of the contact between quartz-diorite and intensively sheared mafic rocks. The quartz veins dip at about 53º to the north and are hosted by silicified and sericite altered rocks.

Rock grab sampling of float material was taken from within the pit and along strike to the east yielded peak assays of 74g/t gold and 30g/t gold, rock chip sampling of the narrow (<1m style="font-weight: bold;">FINANCE REPORT

CASH POSITION

As at 30 September 2010, Troy within Australia held A$8.4m in available cash with major Australian banks. In addition, Troy held A$2.7m in cash deposits as security for various environmental bonds.

Troy's wholly-owned Brazilian and Argentinean subsidiaries held cash deposits of A$0.2m. At quarter end, Reinarda Mineração Ltda ("RML") in Brazil held 2,846 ounces of gold awaiting sale (A$3.8m at A$1,347 per ounce).

The Troy group's available cash and gold bullion approximated A$12.4m as at 30 September 2010. Troy also holds an investment in listed securities. The market value of this investment was A$3.4m as at 30 September 2010.

DEBT FACILITY

Troy has a debt facility with Investec Bank (Australia) Limited, totaling A$25.0m. The facility has a three-year term and the first 25% is repayable by 30 September 2011. As part of the facility the Troy group is required to maintain a minimum available cash balance of A$5.0m.

As at 30 September 2010 Troy had drawn A$13.0m against this facility. Troy withdrew a further A$7.0m against the facility on 1st October 2010.

NET DEBT & LIQUID ASSETS

Net debt and liquid assets including listed securities approximated A$2.8m at 30 September 2010.

GOLD SALES

Gold sales from the Sandstone operation for the quarter were 5,988 ounces at an average price of A$1,361 per ounce. The average Cash Cost was A$846 per ounce netting a Cash Margin of $497 per ounce for the quarter.

During the quarter, RML sold 7,999 ounces of gold at an average price of US$1,222 per ounce. The average Cash Cost was US$470 per ounce, which gives a Cash Margin of US$752 per ounce for the quarter. Decline development capital expenditure was approximately US$220 per ounce produced for the quarter.

HEDGING

The Troy group is totally unhedged.

EXPLORATION EXPENDITURE

During the quarter, exploration expenditure incurred was A$0.9m of which A$0.4m related to Brazil, A$0.4m to Argentina and the balance for rates on Sandstone tenements within Australia.

CAPITAL EXPENDITURE

Capital and development expenditure during the quarter was $A18.3m. This was made up of development expenditure of $A17.3m in Argentina on the Casposo Project and A$1.0m at the Andorinhas Project in Brazil for ongoing underground development.

CORPORATE INFORMATION

Directors John Dow, Non-Executive Chairman Paul Benson, CEO, Managing Director Ken Nilsson, Executive Director Gordon Chambers, Non-Executive Director David Dix, Non-Executive Director John Jones, Non-Executive Director Robin Parish, Non-Executive Director

Stock Exchange Listings

Australian Stock Exchange, ASX code: TRY
Toronto Stock Exchange, TSX code: TRY Issued Capital








To view the tables associated with this release, please visit: http://media3.marketwire.com/docs/try-tbls.pdf.

To view the maps associated with this release, please visit: http://media3.marketwire.com/docs/try-maps.pdf.

For more information, please contact
Troy Resources NL
Paul Benson
CEO
+61 8 9481 1277
+61 8 9321 8237 (FAX)
troy@troyres.com.au
www.troyres.com.au
or
Purple Communications
Annette Ellis
+61 8 6314 6300
aellis@purplecom.com.au

U3O8 Corp. Extends Near-Surface Uranium Mineralization Over a 28km2 Area in the Laguna Salada Project, Argentina


Free-Digging Surficial Uranium in Sandy Gravel Offers Low-Cost Mining Potential

TORONTO, ONTARIO--(Marketwire - Oct. 27, 2010) - U3O8 Corp. (TSX VENTURE:UWE), a Canadian-based company focused on exploration and resource expansion of uranium and associated commodities in South America, reports that successful exploration has increased the size of its uranium-vanadium discovery at Laguna Salada, in Chubut Province, Argentina, to 28 square kilometres ("km2") in extent (Figure 1). A total of 1,090 trenches have been excavated to determine the extent of the mineralized layer which occurs from surface down to a maximum depth of three metres in unconsolidated sandy gravel. The average thickness of the mineralized layer is 0.9 metres at average uranium and vanadium grades of 155 parts per million ("ppm") U3O8 and 842ppm V2O5 respectively at a cut-off grade of 50ppm U3O8 (Table 1).

"Uranium and vanadium at Laguna Salada occur within a low-grade flat mineralized layer located just beneath surface in a soft sandy gravel that should be amenable to simple and low cost mining techniques," said Dr. Richard Spencer, President and CEO of U3O8 Corp. "Laguna Salada is comparable to known surficial uranium deposits in Namibia such as the free-digging Tubas Red Sand at an average grade of 160ppm U3O81. Infill trenching is underway towards our goal of completing a National Instrument 43-101 ("NI 43-101") resource estimate on the project by the end of 2010. Thereafter, our exploration will focus on similar targets in the vicinity of Laguna Salada with the objective of increasing the size of the overall resource in the district."

Table 1 – Summary Trench Results from the Laguna Salada Project

Summary of assay results from the 465 trenches (of the 1,090 trenches excavated) in the Laguna Salada Project that have grade-thickness values greater than 50 (parts per million - metre).

The results have been separated into three groups according to the uranium grade-thickness value from each trench. Grade-thickness (the uranium grade in ppm multiplied by the thickness in metres of the uranium-bearing layer in each trench) provides a way of visualizing the distribution of uranium as shown in Figure 2. This table shows the average grade and average thickness of all the trenches within each of the three groups or contour-bounded intervals (each of which is coloured differently in Figure 2). The arithmetic average thickness of the uranium-vanadium- bearing layer in the 465 trenches is 0.93 metres at an average sample grade of 155ppm U3O8 and 842ppm V2O5. The average density of the gravel is 1.68 tonnes per cubic metre.

Mineralization at Laguna Salada is contained in two flat-topped mesas that are about 10 metres higher than the surrounding plain. Carnotite, the principal uranium-vanadium mineral at Laguna Salada, occurs as a powdery filling between the sand grains in the gravel and also as a partial rim on pebbles. Tests done at the time of sampling suggest that dry sieving through a quarter-inch (nominal six millimetre) mesh may provide a simple and inexpensive means of augmenting the uranium and vanadium grade of the sand.

Exploration at Laguna Salada has been mainly through mechanized trenching since the unconsolidated nature of the gravel renders conventional diamond, aircore or reverse circulation drilling an ineffective means of sampling (Figure 3). The areas that have been trenched at nominal 400 by 400 metre spacing are being in-filled to nominal 200 by 200 metre spacing in preparation for the NI 43-101 resource estimation planned for completion by the end of the year.

Regulatory Update in Chubut Province

The Laguna Salada Project is located in Chubut Province of Argentina, where an open-pit mining ban is currently in effect. Draft legislation is under review in the Provincial Legislature, which proposes that mining carried out in an environmentally and socially responsible manner be allowed in the central, semi- desert plain of the region. A similar approach that allows mining in the central plain, which is an area of low economic viability, has already been adopted in the adjacent Santa Cruz Province. Laguna Salada and several other mining projects are situated in this central plain of Chubut Province including CNEA's (Argentinean National Nuclear Authority) Cerro Solo uranium deposit and Pan American Silver's Navidad silver project, which it plans to mine by open-pit methods. Both of these projects are moving towards production and indications are that a change in Chubut Province's mining policy may be made in 2011.

Quality Assurance & Quality Control

Exploration trenches were excavated at a nominal 400 metre by 400 metre square grid and infilled to a 200 metre by 200 metre grid in the mineralized areas. The mineralized layer, identified with a scintillometer, was marked in the trench wall and its thickness and depth below surface recorded before the sample profile was removed with the bucket of the excavator. Sample material was placed on a tarpaulin where it was homogenized and quartered, one quarter being bagged and weighed before being shipped to the laboratory in Mendoza City in Argentina. Standards, blanks and other control samples constitute approximately 13% of the total number of samples submitted to the laboratory. The samples were dried, jaw crushed to -10 mesh (2.0mm grain size), riffle split and pulverized with a puck and ring to -140 mesh (106 micron grain size). A split of the -140 mesh pulp was analyzed using Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) after four-acid digestion. Samples sent to Alex Stewart Assayers were prepared and analyzed in Mendoza, while those submitted to ALS Chemex were prepared in Mendoza City and the pulps analyzed in its assay laboratory in Lima, Peru.

Dr. Richard Spencer, President & CEO of U3O8 Corp., a Qualified Person within the definition of that term in NI 43-101 of the Canadian Securities Administrators, has supervised the preparation of, and verified the technical information in this release.

About U3O8 Corp.

U3O8 Corp. is a Toronto-based exploration company, focused on exploration and resource expansion of uranium and associated commodities in South America – a promising new frontier for exploration and development. U3O8 Corp. has one of the most advanced portfolios of uranium projects in the region comprising NI 43-101 compliant resources in Guyana to significant historic resources in Colombia and near-resource and discovery potential in Argentina.

For further information on U3O8 Corp's Laguna Project, refer to the technical report entitled "The Geology of Uranium Mineralization of the Laguna Salada Project, Chubut Province, and exploration strategies for exploration of early- stage properties in Argentina" prepared by Richard Spencer and Richard Cleath dated March 23, 2010, which is available on the company's web site at www.u3o8corp.com or on SEDAR at www.sedar.com. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource at the Laguna Salada Project to date, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

(1) The Tubas Red Sand uranium deposit referred to in this press release has not been independently verified by U3O8 Corp. and information regarding this deposit is drawn from publicly available information. There is no certainty that further exploration of U3O8 Corp's Laguna Salada Project or other targets will result in the delineation of a similar mineral resource.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the possibility that the open-pit mining ban in Chubut Province may not be lifted or amended on terms that would allow for mining of the Laguna Salada Project, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the Laguna Salada Project will add to U3O8 Corp's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

To view "Figure 1 – The Laguna Salada Project in Argentina", please visit the following link:

http://media3.marketwire.com/docs/uwe1027fig1.pdf

To view "Figure 2 – Uranium Grade-Thickness Map of the Laguna Salada Project", please visit the following link:

http://media3.marketwire.com/docs/uwe1027fig2.pdf

To view "Figure 3 – Free-Digging Near Surface Mineralization in the Laguna Salada Project", please visit the following link:

http://media3.marketwire.com/docs/uwe1027fig3.pdf

To view the photo associated with this press release, please visit the following link:

http://www.marketwire.com/library/20101026-uwe1027fd_800.jpg

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact
U3O8 Corp.
Nancy Chan-Palmateer
Vice President, Investor Relations
(416) 868-1491
nancy@u3o8corp.com
or
U3O8 Corp.
Richard Spencer
President & CEO
(416) 868-1491
richard@u3o8corp.com


26 oct 2010

Patagonian gold and silver rush under way and growing

Argentina's Patagonian region looks like becoming a major gold and silver mining province with existing miners and explorers turning up some impressive resources and prospects.


LONDON - Tuesday , 26 Oct 2010 - Lawrence Williams

The sky-high gold and silver prices of late are definitely stimulating precious metals exploration around the world, but the first beneficiaries are likely to be those companies which already have exploration and development projects under way in key prospective areas.

There are a number of global regions where the term ‘gold rush' might be considered appropriate, but most of these are in areas with considerable gold mining history going back many years. The Yukon, Ontario/Quebec, West Africa, Western Australia - even the South African historic greenstone belt around Barberton - all spring to mind as being current hotbeds of activity, but there are few such areas with considerably less gold mining history and one of these is Patagonia - or rather Argentina's Santa Cruz province where, contrary to the experience of prospective miners in Chubut immediately to the north, Mendoza and La Rioja , mining companies are well-regarded and the Provincial authorities are supportive.

Gold mining and exploration history in the province effectively only goes back around 30 years when what is now AngloGold Ashanti's Cerro Vanguardia epithermal vein deposits were first discovered by explorers looking for barites, although the significance was not really understood until another 12 years had passed. Similarly what is now the Manantial Espejo mine was also first noted in the early 1970s And again it took a big revival in silver and gold prices, and a new focus on exploration in the region, before anything was developed. Now, in recent years the Deseado Massif, which is host to Cerro Vanguardia and Manantial Espejo, has spawned a number of mines and exciting exploration projects - most of which have only been discovered in the past few years.

Companies involved, in addition to AngloGold, include Hochschild, Minera Andes, Andean Resources (the subject of a huge agreed bid from Goldcorp), Pan American Silver, Coeur d'Alene Mines, Extorre Gold Mines (spun off from Exeter Resource earlier this year), Mariana Resources, Minera IRL, Mirasol Resources, Argentex, Patagonia Gold to name but a few. However most of these are looking at high grade epithermal gold and silver vein deposits which are, perhaps, for the most part of less interest to the gold mining majors (barring AngloGold and Goldcorp) who nowadays mostly seem to be more interested in huge tonnage, long life, low grade operations.

But, AngloGold's experience at Cerro Vanguardia suggests there is huge potential with the resource continually being extended as mining progresses - a factor which presumably has not been overlooked by Goldcorp and may well justify longer term what some see as an over-payment for Andean Resources. Similarly, if one talks to some of the other regional explorers, they all see huge potential as vein clusters are analysed. Extorre's Yale Simpson, for example, is confident that the company's million ounce gold equivalent resource at Cerro Moro - where a development plan has just been announced (Extorre's Cerro Moro gold/silver project could be producing end 2012) - will just grow and grow as the company drills out the many vein systems on its property.

Minera Andes is reckoning on similar potential at its San Jose mine and CEO Rob McEwen has been recently quoted as saying "The drilling results demonstrate that the area in and around the San José mine is extremely prospective, and we anticipate these new veins will significantly extend the mine life. .Recent events such as the $3.6 billion bid for Andean's nearby Cerro Negro property highlight the world class potential of this emerging gold/silver district." See (Minera Andes said San Jose silver production up during 3Q)

Most recently too, Mariana Resources has shown that the rhyolite domes associated with the vein mineralisation may well have the potential for large scale lower grade disseminated gold and silver, which could well prompt a new burst of exploration activity as other companies start drilling these structures as a result of Mariana's find. (Mariana's gold/silver exploration in Patagonia - best of both worlds)

Mineweb has had the privilege of visiting some of the exploration projects above and has overflown Cerro Vanguardia which, with its multiplicity of small, steep sided open pits, is a fascinating operation to view from the air - and is also one of the lowest cost gold mining operations in the world - a fact which obviously has not escaped the attention of a number of the explorers in the region with similar types of high grade epithermal vein deposits nor, presumably, of possible predators who could be looking to take out some of the other successful explorers and miners - but Goldcorp has set the stakes very high with its Andean Resources deal.

OPERATING MINES

Cerro Vanguardia (AngloGold Ashanti 92.5%, Formicruz 7.5%)

AngloGold Ashanti's Cerro Vanguardia mine can be considered the pioneer of Patagonian precious metals mining development. The deposit was discovered back in 1978 and eventually brought into production only in 1998.

Current mining operations consist of multiple small, steep sided, lozenge-shaped open pits with high stripping ratios given the steeply dipping narrow high grade vein structures. The orebodies comprise a series of hydrothermal vein deposits containing vast quantities of silver, which is produced as a by-product. There are plans in progress, due to come to fruition this year.

In 2009 work started on a study to investigate underground mining potential and also the high-grade and high stripping-ratio open pit reserves. This project will improve the capital efficiency of the current operation and optimise the feed grade. Development of the underground section is under way with production scheduled to begin late 2010/early 2011. This mining method at Cerro Vanguardia is estimated to produce approximately 560,000 ounces of gold and 6.3 million ounces of silver.

The company has also been stockpiling lower grade material from its operation and studies have almost been completed on a heap leach operation to treat this material. This could add another 20,000 ounces of gold a year to the mine's production.

San Jose (Hochschild 51%, Minera Andes 49%)

Minera Andes' geologists discovered the mineralized system on which the San Jose silver/gold mine is now located which has allowed Minera Andes to make the transition from a pure exploration company to a company that also receives income from an operating silver/gold mine. Located within a 99,000-acre mineralized region, San Jose is a joint venture between Minera Andes (49 percent ownership) and Hochschild Mining (51percent). The mine produced 77,070 ounces of gold and 4.9 million ounces of silver in 2009, of which 49 percent is attributable to Minera Andes. Ore from the mine, which is relatively high-grade at about one-half-ounce gold equivalent per tonne, is vein-hosted as are most of the other operations in the region.

The measured and indicated resource at San Jose was last put at 2.645 million tonnes grading 480 g/t silver and 7.39 g/t gold for a content of 40.8 million ounces of silver and 628,000 ounces of gold, but this doesn 't include more recent intersections on existing and new vein structures and there is the prospect of continually upgrading the resource as mining and exploration continues.

Martha (100% Coeur)

The Martha mine is an underground silver and gold mine owned and operated by Coeur Argentina S.R.L., a wholly-owned subsidiary of Coeur d'Alene Mines. Martha is located at the southern end of the Deseado Massif 30 miles northeast of the town of Gobernador Gregores. However this operation appears to be nearing its end short of finding new mineralisation. There is a considerable amount of exploration ongoing around the mine. Production in 2009 was approximately 3.7 million ounces of silver at a cash operating cost per ounce of $6.19 per ounce Coeur reports on its website that it expects active mining operations will cease late this year and says it is pursuing strategic alternatives for Martha.

The company now seems to be concentrating more on the Joaquin property some 80 km from Martha, on which it has an option with Mirasol to acquire up to up a 71% managing joint venture interest.

Manantial Espejo (Pan American Silver 100%)

The Manantial Espejo mine is a primary silver producer, also located at the southern end of the Deseado Massif The silver-gold property consists of 17 mineral concessions covering 25,533 hectares, extending 36 by 19 kilometres. Mining operations only commenced there right at the end of 2008.

Commissioning of the processing plant started on September 27, 2008 and Manantial Espejo began pouring dore on December 29, 2008. The commissioning and ramp up was very smooth and the mine reached design capacity of 2,000 tonnes per day by the end of the first quarter of 2009. At feasibility study levels Manantial Espejo is expected to produce an average of 4 million ounces of silver and 60,000 ounces of gold annually and should be the Pan American Silver's lowest cost mine.

Latest ore reserve announced by Pan American for Manantial Espejo is 7.34 million tonnes of proven and probable at 153 g/t silver and 2.19 g/t gold.

The mine plan consists of two surface and two underground mines, and a 2,000 tonne-per-day processing facility.

In 2009 the mine milled 632,949 tonnes of ore and produced 3.78 million ounces silver and just under 72,000 ounces of gold at a negative cash cost (taking gold credits into account) of $0.84 an ounce of silver.

Advanced exploration and development

There are two projects currently which seem to be close to developing new mining operations in the region - Andean Resources (ASX and TSX listed) and TSX-listed Extorre Gold Mines (which is also planning an Amex listing), with both probably looking to get mining under way within the next 2-3 years, and both anticipating continuing resource upgrading as exploration drilling continues on the high grade gold/silver vein systems on their respective properties. Andean is almost certainly due to be absorbed by Goldcorp, which has made an agreed C$3.6 billion bid for the company - a deal which has created substantial interest in the other explorers/developers in the region, not least because the high price being paid by Goldcorp recognises the huge ongoing potential of continuing resource growth in the se high grade vein clusters in the area. But in truth this has already been well demonstrated by AngloGold's Cerro Vanguardia operation which has had huge success in continuously extending its resource base.

Cerro Negro (Andean Resources 100%)

Andean's Cerro Negro at this stage appears to be the bigger of the two advanced projects, but with the considerable potential for extending resources at both properties, which turns out to be the bigger will only become apparent over time.

Goldcorp puts it thus: "Andean's principal asset is the 100%-owned Cerro Negro gold project, an advanced-stage, high-grade vein system located in the Santa Cruz province of Argentina. Comprising 215 square km, Cerro Negro currently has reported indicated resources of 2.54 million ounces of gold and 23.56 million ounces of silver. Inferred resources total 523,000 ounces of gold and 3.12 million ounces of silver1. Cerro Negro also contains several other vein structures, including the Mariana Central zone, where numerous recent drill intercepts have demonstrated high-grade gold and silver over significant widths.

"Chuck Jeannes, Goldcorp President and CEO says "Cerro Negro is a high-grade, near-surface system that is expected to generate significant gold production at low cash operating costs following a relatively short construction period. A very exciting feature of the project is the opportunity for significant continued growth of gold resources through expansion of the existing deposits and the discovery of additional zones along the strike of the veins. As well, the potential exists for discoveries of new veins within this large, prospective land position."

Cerro Moro (Extorre 92.5%, Formicruz 7.5%)

Much of Goldcorp's raison d'etre for its huge potential commitment with its Andean Resources offer could equally well be applied to TSX listed Extorre's Cerro Moro project, but the latter is at an earlier exploration stage and the resource is currently not as big - at least so far. Extorre's management is convinced that its resource will also be subject to continuous expansion, and although the Preliminary Economic Assessment (PEA) announced earlier this week, only looks at an eight year mine life, this like Cerro Vanguardia, could just run and run. Only a fraction of the ground has been drill tested so far with a specific concentration on the very high gold grade Escondida vein system which is key to getting a mining operation up and running and generating good cash flow. Extorre also has an agreement with Formicruz over ground immediately to the west where it can earn a 70% interest - and the Escondida vein runs into this Formicruz ground where Extorre drilling is showing an extension of the very high grades experienced on its side of the lease boundary. Also the vein systems still have not been tested at depth where there is an expectation of continuing high values, at least in some areas.

Extorre's indicated resource here is currently estimated at 590,000 tonnes at 18.9 g/t gold and 805 g/t silver at the Escondida vein, together with additional Inferred Resource of 1.97 Mt at 3.0 g/t gold and 190 g/t silver from the Escondida, Loma Escondida, Gabriela, Esperanza, and Deborah veins. The overall resource is put at just over 1 million ounces of gold equivalent taking both precious metals into account. However these figures do not yet include already drilled high grade areas on the various vein systems and an upgraded resource, including the new data, will probably not be announced until early next year.

Exploration

Only a couple of years ago it was probably relatively easy to pick up exploration concessions on the Deseado Massif areas, but that is certainly not the case now. The biggest land holdings in the region are probably those of the Santa Cruz state mining entity, Formicruz, followed by Canadian company Mirasol, then Minera IRL and other big exploration holdings controlled by Extorre, Hochschild, Mariana Resources, AngloGold, Pan American Silver, Andean, Coeur, Argentex etc.

Most of these have some exploration activity under way on already identified vein systems, but the problem with these systems is that they require a huge amount of drilling to prove them out and it is difficult to prioritise these drill programmes. Sufficient to say that in the months and years ahead more and more high grade gold and silver occurrences will be found across the region - and indeed some are already beginning to be announced like Mariana's excellent grades at Calandria Norte.

But, talking of Mariana, this company has also found a low grade disseminated, potential very high tonnage deposit by drilling into one of the rhyolite domes which are a major feature across the Deseado Massif and with which the high grade vein systems appear to be associated. The Calandrai Sur project, in the same concession as the high grade Calandria Norte vein system, comprises multiple zones of breccias hosted gold mineralisation on one of the rhyolitic dome structures. Mariana has a number of other similar targets on its ground. Core lengths of 100 m all in this disseminated low grade material have been announced. Mariana is AIM-listed, but is in the process of securing a TSX listing which should include its marketability.

Meanwhile Minera IRL - also originally AIM listed, but now with a TSX listing too - which has ground immediately to the south of the Mariana area, has also drilled into the same structure (which it calls its Escondido project) has also come up with significant lengths (100m or more in two of its holes) of low grade disseminated gold and silver. Minera IRL also reckons it is the third largest exploration rights holder in the Deseado Massif area and has a number of other projects with considerable potential.

Extorre too has substantial land holdings and is currently commencing drilling on two new areas, one of which is next to Mariana's Las Calandrias property.

Big land holder, Mirasol Resources (also TSX listed) holds an extensive portfolio of 20 100% owned gold-silver projects in Santa Cruz. Mirasol reckons that the flow of discoveries that followed AngloGold's Cerro Vanguardia discovery has established Santa Cruz as one of the world's most prolific low sulphidation epithermal gold-silver mineral provinces. As the company points out - and as noted above - there are four gold and silver mines in Santa Cruz operated by large international and mid-tier precious metal companies.

The portfolio encompasses projects at all exploration stages from advanced exploration drilling, to drill ready projects available for joint venture, to a large group of early stage "pipeline projects". Properties in the portfolio were initially generated through collaboration with Global Ore Discovery consultancy, and were identified, staked and explored by Mirasol's technical team.

Mirasol is looking to jv many of these projects.

TSX Venture exchange quoted Argentex is another explorer with multiple properties in the region and, of its properties, the Pinguino polymetallic deposit (which including significant indium values), is so far the most interesting. Argentex has a NI 43-101 resource on the property of an indicated 7.3 million tonnes at 5.5 oz/t (169.64 g/t) silver equivalent and an inferred resource of 35.4 million tonnes at 4.0 oz/t (123.63 g/t) silver equivalent. (The silver equivalent values were calculated from a combination of individual silver, gold, lead, zinc and indium grades).

AIM-listed Patagonia Gold holds over 70 properties (expedients) in Santa Cruz, totalling approximately 200,000 hectares. This portfolio of properties is composed of several targets which are currently being drilled. The bulk of the properties were acquired from Barrick on its decision to desist from further exploration in Santa Cruz.

Patagonia Gold has already completed one programme of 38 diamond and 9 RC holes (totalling 7,100 metres), and 750 metres of trenching at the very prospective Lomada de Leiva property in the La Paloma block.

Like the explorers, this article only scratches the surface of some of the ongoing work in what has now to be considered one of the world's most prospective precious metals provinces. The proving up of some of the vein systems does require a huge amount of drilling, but the rewards can be great with some of the high grade structures likely to host some of the lowest cost gold and silver mines in the world as new mines are brought to production. And now, the recent rhyolite dome discovery by Mariana and Minera IRL, with its promise of high tonnage, relatively low grade gold silver mineralisation (in reality reasonable grades when both the gold and silver content is taken into account and in comparison with some of the big low grade mines being developed elsewhere) suggests that more precious mining majors and mid-sized companies may be attracted to the area as the potential becomes even more apparent.

Assuming gold and silver prices hold up anywhere near current levels, and that the Santa Cruz authorities remain supportive of mining development in the region, and the Argentinian Federal Government doesn't get greedy, Patagonia could become one of the world's major precious metals mining regions over the next decades.